My tenant signed the lease renewal agreement starting June 1st, but I have not signed it yet. The tenant has not paid May's rent yet and has been in violation a few times in the past. I would like to terminate the lease, i.e. not renew it from June 1st onwards.
Since the tenant has signed it, am I still legally bound to honoring the lease for another year?
Thanks much!
Update: My jurisdiction is Utah
See https://law.stackexchange.com/a/6264/344
If the tenant is in breach of the contract (e.g. by not paying the rent) then you may be able to terminate it in accordance with its terms and local law.
If you made the offer and the tenant accepted then yes you have to, but maybe if you asked the tenant, he/she would would agree to drop the contract.
You really should both sign at the same time to avoid this in the future.
am I still legally bound to honoring the lease for another year?
No. You may void the renewal on grounds of mistake as to a basic assumption on which the contract was made. See the Restatement (Second) of Contracts at § 152-153.
Here, the basic assumption was the tenant's continued ability to pay rent. The tenant's failure to pay May's rent is tantamount to a new tenant's failure to pay the deposit, which is a cognizable reason for a landlord not to move forward with the lease.
The tenant's (unspecified) latest conduct to which you allude might reinforce the issue of mistaken basic assumption, more so if that conduct has taken place after you sent the renewal offer/notice.